Thanks CrossRoads.
I found this link which provides bootloader hex file locations with fuse settings(table at bottom of page):
http://www.estechnical.co.uk/case-studies/50-embedded-devices-and-software/90-atmega-fuses-and-arduino-bootloaders
Planning to flash ATmega328P with Optiboot with following settings provided in the page:
Clock Speed Unlock bits Lock bits Low Fuse High Fuse Extended fuse Bootloader
16MHz 0x3F 0x0F 0xFF 0xDE 0x05 optiboot/optiboot_atmega328.hex